No claim bonus is a bonus referred as a discount that is given to the policyholder by the insurer at the time of renewal of the policy if no claim has been filed. (policybazaar.com)
Some of the term insurance policies also have an option for renewal of policy at maturity. (tips.thinkrupee.com)
You can renew your policy every ten years at the new rate based on your age at renewal of your policy. (term-life-online.com)